A new lease accounting standard has been issued which will change how leases are accounted for on balance sheets and financial documents. These changes affect all entities—including nonprofit organizations—that lease office space, vehicles and equipment such as copiers and phone systems.
When was the last time you closely examined your retirement plan’s internal controls? Strong internal controls are essential not only to ensure that your retirement plan remains in compliance with all regulatory requirements and plan provisions, but also to guard against fraud.
Without a succession plan, board transitions can put nonprofits in a vise. They’re pushed to manage each change as it happens, whether by a known retirement date or by a sudden withdrawal.
As an employee benefit plan sponsor, you cannot avoid fiduciary responsibility and potential ERISA liability simply by hiring an independent ERISA 3(16) administrator.
Online attacks have nearly tripled in three years, according to the FBI, and hackers are increasingly targeting nonprofits alongside private-sector companies.
Part of your ERISA fiduciary duty as a retirement plan sponsor is to make sure that the services provided to the plan are necessary and the fees paid for these services are reasonable.
In our 2018 Tax Legislation Highlights, we focus on the tax law changes due to the Tax Cuts and Jobs Act and how they will apply to businesses and individuals.
What is ASC 606 and what changes should you expect for your company?
On December 12, we will be hosting our 2018 Accounting & Controls Update event.
Sponsors of employee benefit plans often have questions about many aspects of benefit plan audits. We answer a few of the most common questions.
On August 28, 2018, we will be hosting a CPE training during which attendees will gain an understanding of the history and implications of the U.S. Supreme Court’s decision in South Dakota v. Wayfair and how this case may affect businesses.
Nonprofits should be aware of new accounting standard: ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) which concerns revenue obtained from exchange transactions.
Borrowing money from a 401(k) plan has become increasingly popular among employees in recent years and it is important to plan ahead for how you can help employees who leave or join your company and have outstanding loans.
In June, the U.S. Supreme Court overturned the previous decisions that required a physical presence for a seller to have sales tax nexus in a state.
On Dec. 22, 2017, President Trump signed a new tax bill into effect that may significantly impact the number and size of individual financial contributions to nonprofits.
It is critical to ensure that complete and accurate payroll records are maintained internally and that proper controls are in place to ensure the security of this data.
The FASB’s update requires “enhanced” information about your organization’s liquidity and timely access to resources. Two kinds of information are required; together, they can indicate the nonprofit’s ability to meet its cash needs for all the next year’s general expenditures.
Typically, third-party administrators handle the logistics of sending out participant communication and other employee benefit plan disclosures. But this doesn’t relieve you as the plan fiduciary from responsibility for understanding disclosure requirements and making sure they are met.
Accounting rules for nonprofits are changing and most nonprofits will soon report some of their leased assets differently.
The proposed Statement on Auditing Standards reflects a new reporting model for audits of ERISA plans that changes the form and content of the auditor’s report when management imposes an ERISA-permitted audit scope limitation.